“Ferrari is flying off the track": shares of the sports car manufacturer lose 5% due to a drop in supplies to China
Kyiv • UNN
Ferrari shares fell by 5% after the publication of the quarterly report due to a 2.2% decline in deliveries. The largest drop was recorded in China - by 29%, despite overall stable financial performance.
Shares of Ferrari (RACE) were down on Tuesday as the Italian luxury car maker reported that deliveries were down significantly from a year ago.
Writes to UNN with references to XTB and Il Giornale.
Shares of Ferrari (RACE.IT), the Italian sports car manufacturer, have fallen by almost 5% from their all-time highs. For the third quarter, Ferrari, based in Maranello, reported revenue of 1.64 billion euros (1.79 billion dollars). Adjusted earnings per share for Q3 amounted to 2.08 euros (2.27 US dollars), which is also in line with estimates.
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The decline in the number of cars delivered, which fell by 2.2% to 3,383 units during the quarter, is alarming. Deliveries declined in China and America, while they increased in Europe and the rest of the Asia-Pacific region, Il Giornale writes .
From the trading floors, the stock market's sharp decline is attributed to a 29% drop in shipments to China, “although it should be remembered that the company has always maintained a balanced approach to Beijing,” the article says.
